Choice Mutual Rating

Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, policy cost, underwriting criteria, the insurer’s financial strength ratings, and complaint data.

Liberty Bankers Life final expense insurance is an affordable way to ensure your final expenses never burden your loved ones.

Their premiums are low, and the underwriting is designed to accept most seniors despite previous health issues.

Learn how their coverage works, see sample prices, the pros & cons and if they are your best option.


How Does Liberty Bankers Life Final Expense Life Insurance Work?

Liberty Bankers Life final expense insurance, aka burial or funeral insurance, is a whole life policy that doesn’t require a medical exam.

While the policy is typically meant to pay for funeral costs, the money can technically be spent on anything.

When you die, Liberty Bankers will pay your beneficiaries the death benefit monies, which they can spend on anything.

That means they can use the funds for medical bills, credit card debts, or anything else.

Also, they are entitled to keep any remaining money they don’t use on your end-of-life expenses.

To qualify, you only need to answer health questions. In addition, they will electronically review your past medications because that tells them a great deal about your health.

Liberty Bankers Life burial insurance has three different health ratings that you can qualify for:

  • Preferred: This is their lowest-cost option and has no waiting period. You must be able to answer no to all health questions on the application to qualify for the preferred benefit.
  • Standard: This option has no waiting period also, but it costs more than the preferred plan. The standard rating will be offered if you have any health issue mentioned in Part 3 of the application health questions.
  • Modified: This plan is the most expensive option and has a full two-year waiting period. If you die of natural causes during the waiting period, they will refund 110% of your premiums. The modified plan will be offered if you have any health issue in Part 2 of the application health questions.

Liberty Bankers Life is only sold through licensed brokers appointed to sell their products.


Coverage DetailsPreferredStandardModified
Policy TypeWhole Life Insurance
Policy DurationLifetime
Fixed PremiumsYes
Builds Cash ValueYes
State AvailabilityAll states except New York
New Applicant Age Range18-80
Coverage Options$3,000 - $40,000
Free Built In RidersTerminal illness
Optional RidersAccidental Death (2X the payout for accidental death)
Where to ApplyAgencies licensed to sell Transamerica Life products (you can't buy this plan directly from them)
Phone Number to Apply1-800-644-2926
Medical Exam RequiredNo
2-Year Waiting PeriodNo
(subject to underwriting approval)
Application Approval Time10 Minutes
BrochureLiberty Bankers Life Final Expense Brochure
Sample ApplicationLiberty Bankers Life Final Expense Application


How Much Does Liberty Bankers Life Final Expense Insurance Cost?

The cost of Liberty Bankers Life final expense life insurance is based on your exact age, state of residence, health, gender, and how much coverage you want.

The table below has some sample final expense premiums for their coverage.

All monthly prices shown are for $10,000 in coverage at a non-tobacco rating.


40F: $20.05
M: $24.34
F: $25.30
M: $27.19
F: $34.51
M: $40.36
45F: $23.13
M: $27.44
F: $28.87
M: $31.90
F: $35.25
M: $41.99
50F: $25.57
M: $30.51
F: $31.37
M: $36.73
F: $37.25
M: $46.88
55F: $30.40
M: $36.79
F: $37.23
M: $47.30
F: $44.16
M: $55.65
60F: $34.67
M: $45.80
F: $43.73
M: $59.24
F: $52.68
M: $68.13
65F: $42.81
M: $55.94
F: $57.35
M: $81.33
F: $64.54
M: $87.56
70F: $54.79
M: $73.31
F: $74.74
M: $107.45
F: $89.00
M: $116.32
75F: $76.20
M: $100.15
F: $102.10
M: $147.32
F: $118.24
M: $159.43
80F: $109.16
M: $146.80
F: $146.18
M: $213.51
F: $163.25
M: $228.16


Pros & Cons Of Liberty Bankers Life Burial Insurance

The Good
  • The preferred and standard ratings have no waiting period
  • Only a health questionnaire is required to qualify (no exam)
  • Most applications are approved or declined within ten minutes
  • Cost-wise, they are on the lower end of the spectrum compared to other providers
  • Available in all but two states (NY & VT)
  • Permanent whole life coverage that never ends or increases in cost
  • Lenient underwriting that offers first-day coverage for high-risk conditions such as COPD or a recent TIA mini-stroke
The Bad
  • It’s possible to find other final expenses companies with lower premiums (not by much)
  • No guaranteed acceptance option
  • Any hospitalization for any reason within the last 12 months is a decline
  • Applicants with prescription blood thinners will be offered the standard rating at best
  • The modified plan is far too overpriced


Is Liberty Bankers Life Funeral Insurance Worth Buying?

Unlike Metlife, Liberty Bankers is committed to the final expense market.

That’s why they continue to offer a competitively priced burial insurance policy.

It’s well worth the money if you need insurance to cover your final expenses.

It’s critically important to compare various final expense companies to find the best policy. They all have different underwriting and prices.

It’s possible to get a lower price from companies like Transamerica or Mutual of Omaha but not by much.

Where they really excel is in conditions like COPD. Liberty Bankers is one of the few companies that will approve a COPD applicant for a policy with no waiting period.

The modified plan just isn’t worth it due to the high cost.

Only consider the preferred or standard plan if you qualify for either.

The table below outlines many typical health issues where you’d still be eligible for no waiting period coverage with Liberty Bankers.


Common conditions still eligible for no waiting period coverage:

Asthma Bipolar disorder
Blindness Blood clots
Blood thinners Cancer > 2 years ago
Chronic bronchitis
Circulatory surgery > 2 years ago
Crohn’s disease
Diabetes (type 1 or 2)
Diabetic coma
Grave’s disease
Heart attack > 2 years ago
Heart surgery > 2 years ago
Hepatitis > 2 years ago
High blood pressure
High cholesterol
Insulin shock > 2 years ago
Pacemaker (installed > 1 year ago)
Sleep apnea
Squamous/basal cell skin cancer
Stroke > 2 years ago
TIA mini stroke


Liberty Bankers Life Company Background

Liberty Bankers Life has been operating for over 60 years. They sell home service life (a person collects the premiums in person), pre-need insurance, burial insurance for seniors, Medicare supplements, and annuity products throughout the USA.

Liberty Bankers has two affiliate companies, including:

  • American Benefit Life Insurance Company
  • Capitol Life Insurance Company

They currently have an A- (Excellent) rating with A.M. Best.

Their contact information is below

  • Website:
  • Phone number: 1- 800-731-4300
  • Address: 1605 Lyndon B. Johnson Freeway, Suite 700, Dallas, Texas 75234


The Bottom Line

4.0/5 rating
Liberty Bankers earned 4 stars out of 5 for overall performance. Choice Mutual’s ratings are determined by our editorial team. The scoring formula considers consumer experience, complaint data from the National Association of Insurance Commissioners, and financial strength ratings.

Learn about our rating methodology.

Policy rates relative to other carriers
Financial Strength
Credit ratings from A.M. Best
Customer Reviews
Consumer feedback from third-party websites like Facebook, Yelp, and Trustpilot
NAIC Complaint Ratio
Up-to-date complaint score from the National Association of Insurance Commissioners
Advertising Practices
Accuracy and trustworthiness of marketing
Available Products
Number of policy types, including no-exam options

Choice Mutual often cites third-party websites to provide context and verification for specific claims made in our work. We only link to authoritative websites that are known to provide accurate information. You can learn more about our editorial standards, which guides our mission of delivering factual and impartial content.

  1. A.M. Best.